by Calculated Risk on 6/03/2024 10:20:00 AM

Today, in the Real Estate Newsletter: ICE Mortgage Monitor: "Home Prices Cool for Second Straight Month in April"

Brief excerpt:

Press Release: ICE Mortgage Monitor: Home Prices Cool for Second Straight Month in April as Purchase Demand Softens, Inventory Deficits Improve

Here is the year-over-year in house prices according to the ICE Home Price Index (HPI). The ICE HPI is a repeat sales index. Black Knight reports the median price change of the repeat sales. The index was up 5.1% year-over-year in April, down from 5.7% YoY in March.

• Home price growth cooled for the second straight month in April as elevated interest rates resulted in softer demand and improved inventory

▪ The annual home price growth rate cooled to 5.1% from a revised 5.7% in March, and as high as 6.1% back in February

▪ Unadjusted prices rose by 0.88% in the month, falling slightly below their -year same-month average for the first time this year

▪ Adjusted for seasonality, prices rose by 0.28% in the month (down from 0.45% in March), equivalent to a 3.4% seasonally adjusted annualized rate SAAR, suggesting annual home price gains will continue to ease in coming months

▪ If adjusted monthly gains continue at their current pace, annual home price growth would be below 4.25% by June and below 4% by July

There is much more in the article.